Baker Hughes Incorporated (BHI) said it received a notification of an unsolicited "mini-tender" offer by TRC Capital Corp to purchase up to 2,500,000 shares, or approximately 0.56 percent, of its common stock at the purchase price of $42.00 per share.
Aditionally, the company said that the offer price was 4.61 percent below the $44.03 per share closing price of Baker Hughes shares on April 17, 2013, the day before the offer.
Baker Hughes in a statement recommended that stockholders who have not responded to the TRC Capital' offer to reject it owing to it being a very low price and also being below the current market price. The company requested that stockholders who have already tendered shares in TRC Capital's offer, to go ahead and withdraw their shares via a written notice.
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